Better days ahead with crypto deleveraging coming to an end: JPMorgan

The historic deleveraging of the cryptocurrency market could be coming to an end, which could signal the close of the worst of the bear market, according to a JPMorgan analyst. In a Wednesday note, JPMorgan strategist Nikolaos Panigirtzoglou highlighted increased willingness of firms to bail out companies, and a healthy pace of venture capital funding in May and June as the basis for his optimism. He said key indicators support the assessment: “Indicators like our Net Leverage metric suggest that deleveraging is already well advanced.” The deleveraging of major crypto…

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Celsius Network hires advisers ahead of potential bankruptcy: Report

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads https://t.co/5YAdmq5kt8 — Ben McKenzie (@ben_mckenzie) June 24, 2022 Celsius…

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Coinbase Updates and Redesigns Mobile Wallet to Add Dapp Browser to Stay Ahead of Competition

Popular cryptocurrency exchange Coinbase (COIN) has redesigned its mobile wallet to include a browser that can search for decentralized finance (DeFi) protocols, games, NFTs, and transact on the company’s system. With this new upgrade, top decentralized apps (Dapp) are suggested on the browser’s homepage, giving users the opportunity to perform token swaps via a couple of clicks. A demo released by Coinbase Wallet’s Twitter address on Tuesday told users that the new features are already available on Coinbase’s web browser extensions. Adding this new feature may help Coinbase increase its…

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More ‘forced selling’ ahead? Purpose Bitcoin ETF holdings plunge by 51% in biggest outflow ever

Canada’s Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto’s most-experienced investors. Purpose Bitcoin ETF has 51% of AUM slashed The fund’s holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and 17, its lowest level since October 2021. The 51% drop in BTC holding is also the biggest daily outflow ever. Purpose Bitcoin ETF holdings. Source: Glassnode Interestingly, another Canadian crypto fund, dubbed 3iQ CoinShares Bitcoin ETF, witnessed similar outflows, dropping from…

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Reserve Rights (RSR) builds momentum ahead of its long-awaited mainnet launch

Bitcoin was created to give the average person a peer-to-peer economic system and a store of wealth asset that could provide financial autonomy and access to banking, especially for people living in places where financial services are sparse or non-existent. In the last five years, there have been a number of blockchain projects that aim to mirror Bitcoin’s original mission and the growing popularity of stablecoins further highlights the need for alternative financial models. One project that is beginning to see a bit of momentum is Reserve Rights (RSR), a…

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LUNA 2 price jumps 90% ahead of big Binance airdrop

The price of LUNA briefly spiked around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop, but has since dropped back to around $8.26 at the time of writing. At current prices, as per CoinGecko data, the increase to $8.26 represents a 35% gain over the past 24 hours. Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87. Members of the community posted screenshots of the price jumping as high as $12 on the MEXC Global exchange, with…

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Do Kwon faces legal troubles in Korea, China remains a top contributor to Bitcoin mining, and Ethereum eyes ‘huge testing milestone’ ahead of merge: Hodler’s Digest, May 15-21

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash Terraform Labs co-founder dissolved two of the entity’s locations in South Korea, as well as Terraform Labs Korea, just prior to the LUNA and UST collapse, according to legal documents. Although the…

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Ethereum preparing a ‘bear trap’ ahead of the Merge — ETH price to $4K next?

Ethereum’s native token, Ether (ETH), continues to face downside risks in a higher interest rate environment. But one analyst believes that the token’s next selloff move could turn into a bear trap as the market factors in the possible release of the Merge this coming August. ETH to $4K? Ether’s price could reach $4,000 by 2022’s end, according to a technical setup shared on May 20 by Wolf, an independent market analyst. The analyst envisioned ETH moving inside a multi-month ascending triangle pattern, which comprises a horizontal trendline resistance and rising trendline support.…

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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Over the past nine days, Bitcoin’s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Nasdaq Composite Stock Market Index plunged 4.7% on May 18. Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (TG) shares dropped 25%, while Walmart (WMT) stock plunged 17% in two days. The…

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Ethereum plunges 13% vs. Bitcoin pushing BTC dominance to 2022 high — more pain ahead?

Ethereum’s native token Ether (ETH) plunged to its lowest level in almost two months against Bitcoin (BTC) as a crypto market sell-off intensified on May 12. Macro headwinds catch up to ETH/BTC finally The ETH/BTC trading pair fell by 7.5% to 0.0663 in the past 24 hours. The downside move came as a part of a correction that began May 11 when the pair traded at the local high of 0.0768. That pushed Ether down against BTC by up to 13.75%. ETH/BTC daily price chart. Source: TradingView Cryptocurrencies have come under stress…

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